CBN injects $210m into foreign exchange market

September 18th, 2018

By Chika Otuchikere

The Central Bank of Nigeria (CBN) has intervened in the Inter-Bank Foreign Exchange Market by injecting $210 million into the various segments of the market.

The CBN Director of Corporate Communications, Mr. Isaac Okorafor, on Tuesday disclosed that the apex bank offered $100 million as wholesale interventions and allocated $55 million to Small and Medium Enterprises.

Okorafor said another $55 million was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees, among others.

The CBN spokesman said the bank was pleased with the performance of the naira saying, it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

He reassured the public that the CBN would continue to intervene in the interbank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.

The CBN on Sept. 11 injected 303.91 million dollars and 46.58 million Chinese Yuan into the Spot and Short-tenored Forwards segment of the Inter-Bank Foreign Exchange Market.

Meanwhile, the naira on Tuesday exchanged for N361 to a dollar in the Bureau De Change segment of the market in Abuja.